This four-part series includes the following webinars. Click the dropdowns below for a complete description of what will be covered in each session. Each Webinar can also be purchased individually.
IRAs Part 1 – The Basics 2023
September 14, 2023, 10:00 am CDT
We will break down the essential rules and forms of IRA accounts. Discussing the difference between an IRA ‘plan’ vs. an IRA ‘account’ and the types of IRA products will get you on your way to building the foundation of knowledge for these often complicated accounts.
What You’ll Learn
- When do we have to open a new set of plan documents for existing IRA customers and when do we use just supplemental forms?
- What are the disclosures an IRA customer must receive when opening a new plan?
- What are the new contributions limits for Traditional and Roth IRAs?
- When can a customer deduct an IRA contribution and how does it affect our IRS reporting?
- When is the interest really tax-free on a Roth IRA?
- When do mandatory distributions start from a Traditional IRA?
- How can the customer move their Traditional IRA to a Roth IRA and what are the tax consequences?”
IRAs Part 2 – Rollovers and Transfers 2023
October 5, 2023, 10:00 am CDT
Two of the most misused and abused words in the IRA world are “Rollover” and “Transfer” when moving money from IRA to IRA and from a Qualified Employer Plan to an IRA. While you may think the words are interchangeable, how these movements are reported to the IRS is as different as night and day.
What You’ll Learn
- What are the 3 most important questions when moving funds between retirement accounts?
- How do you determine the type of issuing plan?
- What happens when a transfer is coded as a rollover or a rollover is coded as a transfer?
- How do we correct our IRS reporting mistakes?
- When would the bank ever code a distribution as a rollover debit?
- What’s the difference between a rollover and a conversion?
- What are the rules on how many times an IRA can be moved as a rollover in a 12 month period?
IRAs Part 3 – Distributions to IRA Owners and Beneficiaries 2023
October 19, 2023, 10:00 am CDT
The last three years have brought some of the most significant changes for distributions to IRA owners and beneficiaries as we’ve seen in the last 20 years – including the most recent IRS Notice 2023-54. When owners and beneficiaries do not take their required distribution in a timely manner, it results in IRS penalties. There are easy steps to address these distribution issues.
What You’ll Learn
- Who can wait until age 73 to start RMDs from IRAs?
- When does the RMD age increase to age 75?
- How to process ‘mischaracterized’ RMDs that were taken by someone who turned 72 this year?
- What are the payout options for non-spouse beneficiaries depending on the IRA owner’s RMD status at death?
- When does a successor beneficiary get their own 10-year payout period?
- Federal Withholding requirements – W-4R vs. W-4P?”
IRAs Part 4 – Auditing Your IRA Files 2023
October 25, 2023, 10:00 am CDT
The least favorite part of any auditor’s job is to go through old, musty IRA files to see if the bank is in compliance and has all the customer information it needs. Many times when files are scanned in for imaging purposes, they are not checked first, resulting in a lot of ‘junk’ in the electronic IRA customer files.
What You’ll Learn
- What are the documentation requirements to be included in the customer IRA files?
- What disclosures must the customer receive when creating an IRA plan with the bank?
- What happens if there is a deceased beneficiary or no beneficiary listed in the file?
- Why is a review of the IRS reporting so important before it goes out to the IRS or the customer?
- How far back can the bank go to correct an IRS reporting form and when is it necessary?
- What are the 25+ most common mistakes to look for when auditing IRA files?
- What kind of partial audits are the most crucial?”
Who Should Attend
Any employee who is new to the bank or customer service area and needs to learn the very basic rules and regulations of IRA should attend. In addition, any experienced IRA employees who would like a ‘refresher’ on the latest ever-changing rules and regulations of IRA would also benefit from this informational webinar.